To watch "The Talking Points Memo" in the Screening Room click here.

Hi, I'm Bill O'Reilly.  Thank you for watching us tonight. A short Talking Points Memo, then we'll get right to the military situation, which is bad news for Saddam.

Talking Points has told you many reputations are on the line, as the Iraqi war plays out.  Anti-war politicians will be under tremendous stress if weapons of mass destruction are found in Iraq.  Reporters and editors who are painting a negative picture of the battlefield will also be under pressure if the Iraqi regime folds without a catastrophe to the allied forces. And those of us who support the war will be taken to task if there are no banned weapons, if there -- and if there is a battlefield debacle.

Finally, President Bush is staking his re-election and his place in history on this war.  So, things are very tense in Congress, in the media, and in the White House.

The trauma is not all on the battlefield.  Americans are going to remember who said what and who did what when this as all over, and no amount of spin is going to change that.

That's the The Memo.

The Most Ridiculous Item of the Day

Time now for "The Most Ridiculous Item of the Day"...

Our competitor, Connie Chung, has quit CNN after that network canceled her nightly program, which, of course, was opposite The Factor.

We are sad to see Ms. Chung go.  She was a worthy competitor.  Ms. Chung gave a good try, but the cable news wars are brutal.

And that, of course, is ridiculous.

--You can watch Bill O'Reilly's Talking Points Memo and "Most Ridiculous Item" weeknights at 8 & 11p.m. ET on the Fox News Channel. Send your comments to: oreilly@foxnews.com